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phil
April 2nd, 2014 at 9:40 am
Wells Fargo shows off bench; moves to expand card business
09:30 AM ET · WFC
• “If he’s going to move on eventually, much higher, you would think he’d be in a position to be head of a major business,” says Portales Partners’ Jennifer Thompson of Wells Fargo’s (WFC) Tim Sloan’s move from CFO to head of wholesale banking. “It’s a vote of confidence in Tim Sloan from the management team.”
• John Shrewsberry taking over the CFO’s slot is perhaps more of a surprie, but Sandler O’Neill’s Scott Siefers is confident he’ll have little trouble sliding into the role. “They’ve always had a deep bench, that was one of the attributes that does differentiate them from many of their competitors,” says Thompson.
• In other Wells Fargo news, the bank is boosting its credit card push with a 10-year deal to issue and service cards for Dillard’s. Expanding credit card business has been a key priority for Wells and the scoreboard: 37% of households had a Wells Fargo credit card at the end of 2013 vs. 27% two years earlier. This latest move has Wells moving into the private label card business, an area in which it lags rivals like Citi and Capital One.
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